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1/26, 9:12 PM (Source: TeleTrader)
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US turns to losses on Powell's speech, Dow drops 300 pts

Major United States benchmarks slid to the red on Wednesday as Federal Reserve Chair Jerome Powell responded to questions on monetary policy after the central bank decided to leave the interest rates unchanged.

Powell hinted that the shrinking of the Fed's balance sheet might be discussed during the meetings in March and May while reiterating that inflation woes are persisting and now even more broadly based.

The Dow Jones Industrial Average plunged 0.89%, or 311 points, at 3:16 pm ET, while the Nasdaq 100 slid 0.57% at the same time. The S&P 500 concurrently tumbled 0.81%. The euro dived 0.55% compared to the dollar at 3:17 pm ET, selling for 1.12426.

Baha Breaking the News (BBN) / BU